Answer: Option (D) is correct.
Explanation:
A banker's acceptance is an instrument that represents the promised payment by the bank in the future. This payment is accepted as a time draft by the bank and is to be drawn on a particular deposit. This draft is having all the information that is related to the future payment amount, date of the payment and the party to which the payment to be made. This acceptance can also be traded until the date of maturity.
Answer: D
Explanation: Had this test before
Answer:
contract
Explanation:
a contract includes terms and conditions, services provided and any review or comments that are deemed necessary.
Answer:
C. increase in the short-run but fall to zero in the long-run
Explanation:
A perfectly competitive industry is characterised by many buyers and sellers of homogenous goods and services.
There are no barriers to entry or exit of firms. Firms are price takers. Market prices are set by the forces of demand and supply.
As a result of increase in demand, more quantities of the vitamins would be bought and producers profit would increase in the short run. Because, there are no barriers to entry or exit of firms, new firms would enter into the industry in the long run, driving economic profits to zero.
Due to no barriers to entry or exit of firms, in the long run, firms in a perfect competition earn zero economic profit.
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